Gulf Manganese appoints CEO
Saturday, October 31 2015 - 06:22 AM WIB
ASX-listed Gulf Manganese Corporation Limited announced Wednesday the appointment of an experienced resources senior executive Hamish Bohannan as the company's Chief Executive Officer.
The company said in a statement that Bohannan holds an Honours Degree in Mining Engineering from the Royal School of Mines UK and a MBA from Deakin University, Victoria. He has extensive corporate and operational experience in public companies within Australia and overseas in the capacity of Managing Director or CEO with ASX, TSX and AIM listed groups.
His experience covers a wide range of mining and minerals processing with coal, nickel, gold/copper, mineral sands and lead/zinc projects.
Gulf Manganese is developing an ASEAN focused manganese alloy production facilities based in Kupang, West Timor, Indonesia, taking advantage of the low cost of ore, labor and power being the majority of operating costs. Production will be a premium quality 78 percent ferromanganese alloy resulting from the unique qualities of the lndonesian high-grade low impurities manganese ore.
It is proposed to build 8 furnaces over a 5 year period for a total capital cost of US$66 million funded by an IPO on the Catalyst board of the Singapore Stock Exchange raising $25 million, modest project debt and operational cashflow.
The first furnace aims to come online July 2016, with a further two furnaces each year, 2017, 2018, 2019 and a final one in 2020. Each furnace has a capacity of 20,000 tons alloy production per year and on today's alloy prices producing $22 million revenue.
Editing by Reiner Simanjuntak